New Market Report Now Available: Romania Power Report Q1 2014

From: Fast Market Research, Inc.
Published: Fri Jan 10 2014

The Romanian government remains committed to its energy sector privatisation plans, with one of its largest state-owned power companies, Nuclearelectrica, now listed on the Bucharest Stock Exchange (BVB). With Hidroelectrica due to list some of its shares on both the BVB and London Stock Exchange (LSE) in 2014, it would appear Romania's energy privatisation plans are in full swing. Energy prices are set to rise, following the abolition of green certificates for PV (solar) projects - a move that will do little to attract foreign investors. Despite this, non-hydro renewables will be key in driving energy generation over BMI's 10-year forecast period alongside nuclear power, which we expect to grow by an annual average of 8.4% over 2013-2022.

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Key developments in the sector:

* In September 2013, it was reported that EFT Group is to invest at least EUR50mn (US$67.52mn) in a Romanian power generating project, after it established a special fund to finance regional energy investment. Vice President Milos Hamovici has said: 'We want to invest at least EUR50mn (US $67.52mn), either in a hydropower plant or in a coal-fed thermal power plant. We think the investment in a thermal plant is more appropriate.' It would take around six months to a year to establish the fund and begin an assessment of the investment opportunities.
* In 2014, Hidroelectrica is due to list a portion of its shares on both the BVB and the LSE, with the latter due to see 10-15% of Hidroelectrica's shares listed as an IPO.
* On November 4 2013, Nuclearelectrica began trading on the BVB at EUR2.6 - 4% higher than the price of its IPO in September. 10% of the company's shares were sold for EUR63mn through an IPO; 1% of its shares were sold to investment fund Fondul Proprietatea.
* In early 2013, draft proposals for cutting green certificates were announced - a move that worried foreign companies attracted to or participating in Romania's energy market. However, the government went a step further and enacted a law that will see two out of every six green certificates granted to renewable energy projects suspended until 2017. As a result of these changes, which began on July 1 2013, the Romanian Energy Regulatory Authority (ANRE) will still issue PV solar plants six green certificates, but withhold two of them until March 31 2017. Electricity prices were due to increase by 10% in July 2013, with more envisaged for 2014.

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